-- What if removed items reappear on my credit report? -- - 02/22/08 10:12 AM
This happens occasionally either by accident or a creditor has eventually verified a particular item. This is what is known as a 'soft delete' and the credit bureau must send you a notification letter within 5 days of reinsertion. The FCRA (Fair Credit Reporting Agency) has made it much more difficult for a creditor to replace an item once it has been removed.
 
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-- How long does it take to repair credit? -- - 02/22/08 10:09 AM
Everyone wants you to see results immediately.
Have I ever seen anyone completely clean after the first round?  Yes, I have ... but it is a rarity. 
The truth is that you will see results within the first 21-50 days, but you will want to prepare yourself for a minimum commitment of at least 6-8 months to maximize results.
Just because it doesn't come off in the first round doesn't mean in won't in the 2nd or 3rd or 4th ... there are times that we need to press and play and go around the stall tactics of the credit bureaus.

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-- How do you restore bad credit? -- - 02/22/08 10:08 AM
A disputed credit listing must be verified as accurate for it to remain on the credit report. If the credit listings contains an error, the credit bureau may simply correct the item, but. very often, disputed credit items cannot be verified because either the creditor either no longer possesses necessary information or does not to go to the effort of verifying it. Furthermore, the investigation must be completed within 30 days or the listing must be removed. For these reasons, properly disputed credit listings are removed from your credit report with remarkable frequency.At the conclusion of the credit bureau's investigation, a … (0 comments)

So, can credit repair companies really guarantee results? - 02/22/08 10:04 AM
Not a chance! No credit repair company is so good that it can guarantee a specific outcome. It would be like a defense lawyer guaranteeing that the jury will find his client innocent. Guarantees are a sure sign of credit repair fraud. A warranty, where the credit repair company promises a refund if certain results don't occur, is a better, more realistic claim.    Not surprisingly, the credit bureaus have declared war against the credit repair companies and those selling instruction on how to do-it-yourself. The bureaus lambaste credit repair companies in the media and send anti-credit repair literature to anyone whom … (1 comments)

What is true about credit repair companies? - 02/22/08 10:01 AM
 
 
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How long can the credit bureaus keep a negative item on my credit report and what actions will restart that date? - 02/22/08 09:56 AM
 
 
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Understanding Your Score - 02/22/08 09:52 AM
 
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How Much Does Bad Credit Cost? - 02/21/08 04:06 PM
 
 
 
Credit Cards Most if not all prime credit cards are entirely out of reach to consumers with bad credit. And the few credit cards that are available to them (known as "sub-prime" cards) typically require exorbitant setup fees or recurring monthly fees, offer very low credit lines, often require cash deposits, and in most cases do not even report your positive credit activity to the credit bureaus.Automobile Financing If you are making payments on a car, you are probably paying between $5,000 and $9,000 more just for having bad credit. This added interest shows up every month in … (15 comments)

Disputed Items Can't Be Sold!!!!!!! - 02/21/08 04:03 PM
 Disputed Items Can't Be Sold!!!!!!!

     Disputed items cannot be sold or placed for collection (eff. Dec 1, 2004): Once creditors have been notified of blocked items by the CRA, they cannot sell those items, transfer them, or place them for collection. §1681m(f), FCRA.
   
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Do not max out your credit cards. - 02/21/08 04:02 PM
Do not max out your credit cards.

     One of the ways the credit scoring algorithm looks at your balance speaks about an individual card.  If you are maxed on one credit card then that is one kind of negative. Depending on when the credit card company reports to the bureaus even balances that you proposed to pay off at the end of the month are susceptible and your limit will appear as being maxed out.
     Another negative is related to the total credit card lines you have available to you. So, if you have five cards and four … (14 comments)

Do not miss monthly payments. - 02/21/08 04:01 PM
   
 Do not miss monthly payments.
    I haven't calculated how quickly your score will fall, but you do have the possibility to lose up to a hundred points in a short period of time.  One consumer who wished to do a re-finance had this issue, when his score was checked it was in the low 600's when it used to be over 720. 
     After the report was evaluated, it was noticed a month before he had missed a credit card payment and therefore 30 days. As a results, in less under 45 days his score had … (6 comments)

Problems with the online dispute system!!!! - 02/19/08 09:14 AM
When the FCRA was revised by FACTA, they put in a section for "Expedited Dispute Resolution" Section 611a(8) aka the on-line dispute system. If you read that part you will notice this sentence:"the agency shall not be required to comply with paragraphs (2), (6), and (7) with respect to that dispute" if they delete the tradeline within 3 days."
Paragraph 2 is the part that requires the CRA to forward your dispute and all related documentation you provide to the creditor. Paragraph 6 is the part that requires the CRA to provide you with written results of the investigation. Paragraph 7 … (3 comments)

Statute of Limitations - 02/12/08 05:44 PM
 
The information above is believed to be accurate at the time of the creation of this page, and is for reference only. We are not attorneys, and nothing here should be construed as or relied upon as legal advice. If you are concerned about possible lawsuits, you may wish to confirm this with your state's Civil Code and/or a qualified attorney.
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Chart for statute of limitations - DEBTS - 02/12/08 05:44 PM
 
Chart for statute of limitations - DEBTS
 
 
The information was found here http://www.cardreport.com/laws/statute-of-limitations.html
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Consumer Credit File Rights Under State and Federal Law - 02/12/08 11:56 AM
Consumer Credit File Rights Under State and Federal Law
"You have a right to dispute inaccurate information in your credit report by contacting the credit bureau directly. However, neither you nor any ‘credit repair' company or credit repair organization has the right to have accurate, current, and verifiable information removed from your credit report. The credit bureau must remove accurate, negative information from your report only if it is over 7 years old. Bankruptcy information can be reported for 10 years.
"You have a right to obtain a copy of your credit report from a credit bureau. You may be charged … (0 comments)

Debt Scavengers and Bottom Feeders; the Bad Apples of the Collection Industry - 02/06/08 03:16 PM
Debt Scavengers and Bottom Feeders; the Bad Apples of the Collection Industry
There is a disturbing development that has been taking place with "debt scavenger" companies who purchase old debts.  These third parties buy old bad debts in bulk for pennies on the dollar and then contact you trying to collect. Often these debts are several years old and the original creditor has viewed this account as "uncollectable" and sold it to them for next to nothing.
These "bottom feeders" have some of the most aggressive collectors and they are also hoping that your financial situation has improved and you just want … (3 comments)

Problems with the online dispute system. - 02/04/08 11:20 AM
When the FCRA was revised by FACTA, they put in a section for "Expedited Dispute Resolution" Section 611a(8) aka the on-line dispute system. If you read that part you will notice this sentence:"the agency shall not be required to comply with paragraphs (2), (6), and (7) with respect to that dispute" if they delete the tradeline within 3 days."
Paragraph 2 is the part that requires the CRA to forward your dispute and all related documentation you provide to the creditor. Paragraph 6 is the part that requires the CRA to provide you with written results of the investigation. Paragraph 7 … (6 comments)

The Credit Bureaus Defense Strategy of Attrition and Delay - 02/04/08 11:19 AM
The "Big Three" (CRA's) defense strategy was criticized by Judge Posner of the 7th Circuit in the bedbug case as "investing in developing a reputation intended to deter plaintiffs", which was an important reason why in that case the 7th Circuit upheld $372,000 in punitive damages with only $10,000 in punitive damages (a 37-to-1 ratio). Consumers need to urge the courts to follow Judge Posner in deliberately recognizing that that is a game played by the CRAs [and most of their furnishers], and that an appropriate outcome of that game will be high punitive damages. Here is the actual passage from … (9 comments)

Credit Repair Myth - Closing Accounts - 02/04/08 11:16 AM
It amazes me how many mortgage brokers and loan officers are telling their clients and prospects conflicting information. I hope they know that by telling their clients this that they are in violation of RESPA. Of course having too many accounts that are open can afflict your score, but by opening the account the damage has been done. Closing accounts have never helped your credit score; it actually has the ability to damage your score instead.By looking at the difference between your available credit and what you're using determines your revolving balance, 30% of your score. Your available credit diminishes when … (2 comments)